Foreclosure & Alternatives Law

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Maine?

Yes, however the amount that can be recovered in a deficiency judgment is limited by the fair market value of the property. The borrower can be sued for the difference between the fair market value of the property and the foreclosure sale price or the difference between the amount owed on the loan and the foreclosure sale price, whichever is less.